09 March 2012
While calculating the taxable salary can a person claim both the benefits of HRA as well as Housing Loan (Principal Repayment as well as interest there on).
If both the houses are in the same city, can a person still eligible to claim both the benefits ? Pl advise.
10 March 2012
Under Income tax no specific inter link to claim both. if you are paying House rent which you occupied by you, then eligible for claiming HRA exemption and if you are occupying your own house for residential purpose then you can claim deduction u/s.24. but one person practically cannot occupy both the houses in the same city such as rented as well as own house. so can be claimed either one exemption under act.
In case you cannot occupy your own house due to employment in different city that time your are eligible for HRA and own house as self occupied
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